Convenience Suites Houston Chinatown Resort Bought

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Comfort Suites Houston Chinatown - Exterior
  Convenience Suites Houston Chinatown


HVS;

HVS Brokerage & Advisory pronounces the sale of the 74-key Convenience Suites Houston Chinatown, positioned at 7707 West Sam Houston Expressway South, Houston, Texas 77072.
 
The select-service resort assets, in-built 2013, was once bought by way of GN Hospitality Inc., primarily based in Trophy Membership, Texas, from PA Hospitality, primarily based in Houston, Texas.
 
Alief Maredia, President of PA Hospitality commented, “It was once a excitement operating with the HVS crew in this sale. They had been efficient of their advertising execution and went above and past throughout the escrow procedure to get the valuables bought. Each time any unexpected occasions happened during the transaction, the crew made positive they had been on best of the location and resolved any factor that took place. When the consumer was once decided on, we liked the constant updates and communique from the crew. We look ahead to operating with the crew once more one day.”
 
The valuables advantages from its location alongside Sam Houston Expressway in Houston’s Chinatown, close to the Westpark Tollway and Interstate 69, located between the Sugar Land and Westchase submarkets. As maximum markets proceed to get better from the COVID-19 pandemic, this assets has skilled a strong restoration, with rooms earnings expanding 45.0% in 2021, in comparison to 2019. The rebounding development persevered in the course of the first two quarters of 2022, as earnings greater 13.7%, in comparison to the former 12 months.
 
Thru a wide national advertising marketing campaign, HVS Brokerage & Advisory was once in a position to acquire a couple of gives and choose a purchaser that effectively closed the transaction a month ahead of the shriveled timeline. The patron secured a long-term franchise license settlement with Selection World Inc., with plans to finish an in depth renovation of the resort.
 
“Once we secured the list, we had a brief window to safe a purchaser that might download financing and shut the transaction given the present financial prerequisites and emerging rates of interest. To make sure we had been a success and aligned with the vendor’s targets, we required all doable buyers to excursion the valuables, verified their {qualifications}, and showed their talent to safe financing to steer clear of any hiccups throughout the escrow length. We additionally had the list pre-qualified by way of a lender that ended up financing the deal for the buyer. By way of operating intently with all events concerned within the transaction, we had been in a position to get the resort bought previous than anticipated,” stated James Rebullida, Vice President of HVS Brokerage & Advisory.



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